Product Description
Delivery: Text Based
Instructor: WiseGuides
Credit Hours: 4
Field of Study: Federal Tax Update
Approval: IRS, CTEC
Course Description:
After completing this course you will be able to:
- Identify what income is compensation for IRA purposes
- Figure earned income for determining how much can be contributed to an IRA
- Identify what types of accounts are permitted for individual retirement accounts
- Determine how to treat inherited traditional IRAs
- Figure the contribution limits for a traditional IRA
- Determine when contributions are deductible
- Identify when a taxpayer is covered by an employer retirement plan
- Determine the maximum IRA deduction
- Determine when a contribution is nondeductible
- Identify the rules for an eligible rollover distribution
- Determine when a taxpayer must take a required distribution to avoid penalties
- Identify the reporting/withholding rules for traditional IRA distributions
- Identify how to treat excess contributions
- Identify when to file Form 5329
- Identify when a distribution is subject to the 10% penalty for premature distributions